Wellesley owns distinction of lowest percentage of underwater mortgages in area

The Boston Business Journal reports on data from real estate site Zillow that shows which Eastern Massachusetts communities have the highest and lowest percentage of underwater mortgages, that is, home loans that have an outstanding balance larger than the market value of the home.

“The tony town of Wellesley,” as the BBJ calls us, has the lowest number at 2.5% of mortgages underwater, while Brockton is #1 with 33% of mortgages underwater. Zillow tracks 167 towns and cities in Eastern Mass, where about 79K homes have underwater mortgages through the end of March.